SEC Chairman Schapiro to Step Down

Chairman Schapiro is one of the
longest-serving Securities and Exchange Commission (SEC) chairmen, having
served longer than 24 of the previous 28. She was appointed by President Barack
Obama January 20, 2009, and unanimously confirmed by the Senate.
The President announced that he intends to designate Elisse Walter,
a current commissioner, as chair upon Schapiro’s departure.

During her tenure, Chairman Schapiro
worked to bolster the SEC’s enforcement and examination programs, among
others. In each of the past two years, the agency has brought more
enforcement actions than ever, including 735 enforcement actions in
fiscal year 2011 and 734 actions in fiscal year 2012. In addition, the SEC
engaged in one of the busiest rule-making periods in decades.

Chairman Schapiro previously served as
a commissioner at the SEC from 1988 to 1994. She was appointed by President
Ronald Reagan, reappointed by President George H.W. Bush in 1989, and named acting chairman by President Bill Clinton in 1993. She left the SEC when
President Clinton appointed her as chairman of the Commodity Futures Trading
Commission (CFTC), where she served until 1996. She is the only person to have ever
served as chairman of both the SEC and CFTC.

“It has been an incredibly rewarding
experience to work with so many dedicated SEC staff who strive every day to
protect investors and ensure our markets operate with integrity,” said Chairman
Schapiro. “Over the past four years, we have brought a record number of
enforcement actions, engaged in one of the busiest rule-making periods, and
gained greater authority from Congress to better fulfill our mission.”